“With the rising interest from institutional investors in the build-to-rent sector, we are eager to back more ground-breaking initiatives and contribute to overcoming the obstacles that renters face throughout the nation.”
– Joe Thomas, Gresham House
Gresham House, an alternative asset management firm, has struck a deal with the specialist lender Leumi UK for a loan to finance a build-to-rent project consisting of 185 units in Leeds, developed by Clegg Construction and Rise Homes.
The planned Spinners Yard development in Leeds promises to provide 185 affordable, high-standard apartments ranging from one to three bedrooms, along with amenities such as a gym, a communal lounge, and a rooftop garden.
This project is rejuvenating an old industrial site in the Mabgate area of central Leeds and reflects Gresham House’s dedication to sustainable housing. This development is notable as the first in Leeds to offer heat and hot water in each apartment from a local council waste facility, thanks to a private landlord arrangement.
Rise Homes, a build-to-rent developer backed by Gresham House, will execute the project. It also benefits from the West Yorkshire Combined Authority’s grant funding through the Brownfield Housing Fund, which aims to redevelop long-vacant brownfield sites for housing.
Joe Thomas, Investment Director at Gresham House, remarked: “We’re excited about this development’s impact by offering affordable and high-quality rental homes in Leeds. We are thrilled to have Leumi UK’s loan supporting the Spinners Yard project. It’s also great to have backing from West Yorkshire Combined Authority for the project.
“As the sector attracts more interest from institutional investors, we anticipate backing further pioneering projects and helping to address the rental challenges nationwide.”
Gez O’Sullivan, Relationship Director at Leumi UK, added: “We’re happy to extend our partnership with Gresham House through this loan, which will contribute significantly to a needed initiative in Leeds. Given their expertise in the build-to-rent field, Gresham House is an ideal partner for Leumi. We are eager to see this vital development come to fruition.”
